ESAF Small Finance Bank`s Net Profit Grows by 143%
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Kochi, 18th November, 2023: ESAF Small Finance Bank reported a net profit of Rs. 140.12 Crore in the second quarter of the financial year 2023-24, registering a remarkable Y-o-Y growth of 143.35% The net operating profit for the quarter ended on 30th September, 2023 is 289.65 Cr; an increase of 37.39% over the revenue recorded in the corresponding period of the previous year. The results were announced at the meeting of Board of Directors, held first time after the Bank’s highly successful Initial Public Offering.
Total Business of the Bank reached Rs. 34,906 Cr registering a growth of 32.81% as on 30th September 2023. Total Deposits increased from Rs. 13,520 Cr to Rs. 17,416 Cr, up by 28.82 %. The Advances Under Management (AUM) grew by 37.03% to reach Rs. 17,490 Cr from Rs. 12,764 Cr. The Gross NPA of the Bank stood at 2.64% and Net NPA at 1.19% during the second quarter. Capital Adequacy Ratio (CRAR) of the Bank stood at 20.57%.
As of September 30, 2023, the Bank’s distribution network was at 700 branches and 579 ATMs across 236 Districts in 21 States and 2 Union Territories. In addition, we have 25 Business Correspondents and 855 Customer Service Centres.
Commenting on the quarterly performance, K. Paul Thomas, MD & CEO, ESAF Small Finance Bank said, “I am pleased to see that our bank has achieved another quarter of robust financial performance, which resulted in consistent business growth.
Our steadfast focus on rural and semi-urban locations along with the sustainable model we pursue has played a pivotal role in driving this success. In line with our strategic vision, our wholehearted dedication to expanding our presence in these underserved areas, contributing not only to our bottom line but also to the economic development of these communities.”
He also emphasised on the sustainable approach that ensured growth, which was not only beneficial for the company but also created a positive impact on the lives of individuals. “Investment in digital technologies continues to be our priority, and we are confident that our strategic initiatives will further propel us towards even greater heights in the future,” K. Paul Thomas added.
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